Port Authority reaches deal to finish 3 World Trade Center Tower

The Port Authority of New York and New Jersey said on Wednesday that it approved an agreement with developer Larry Silverstein to pay for the completion of the stalled 3 World Trade Center project.

Silverstein will use $159 million in insurance to help finish the 3 World Trade Center Tower.

The new project was approved after months of talks, according to the Associated Press.

Under a previous plan, the Port Authority, which owns the Trade Center site, would have guaranteed $1.2 billion in loans. On Wednesday, Port Authority board member Kenneth Lipper called the new agreement “excellent” for the Port Authority.

Silverstein will raise the money from the private sector. Silverstein said that he will aim for building completion by early 2018. The building's main tenant is the advertising company GroupM.

“We remain confident that we will nail down a construction financing package that will allow us to complete the project and create an ideal environment for GroupM employees and other dynamic, creative companies,” Silverstein said in a statement, according to Bloomberg.